Minn. FCUs Can Make Unlimited Biz Loans to Lake Wobegon

In order to speed the recovery to the Gulf region affected by Hurricane Isaac, the National Credit Union Administration (NCUA) announced that all federal credit unions headquartered in Minnesota will be designated as low-income credit unions.

In making the decision to designate all Minnesota federal credit unions as low-income, NCUA Chairman Debbie Matz stated: "Most Americans consider themselves of modest means."

NCUA Chairman Matz further justified the agency's action by stating that the Mississippi River starts in Minnesota and flows into the Gulf.

NCUA stated that this action would allow Minnesota credit unions to make unlimited business loans to the residents of Lake Wobegon.

Upon hearing the news, Garrison Keillor applauded NCUA's decision by declaring all credit union business loans to Lake Wobegon are above average.